Words of Wisdom:

"What goes around, comes around..we just don't know how big the wheel is" - EmardikaggimA

World History

  • Date Submitted: 11/02/2013 11:42 PM
  • Flesch-Kincaid Score: 28.8 
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Capitalism
Increase in Towns, cities and trade between them due to the new sea routes found and due to the inventions and new ideas provided a stimulus for the manufactured goods.
New methods of production changed the existing economical classes.
New system of society called capitalism emerged in Europe in 15th century.
Goods produced are owned by individuals called capitalist and workers work for wage. The goods were produced in surplus and sold rather than for own consumption .so a profit driven market would go at a fast pace. Wealth plundered in the colonies was invested back as capital.
Industrial revolution
The desire to produce more goods at low cost led to innovations and resulted in a revolution.in 1750 it started in England. The inventions and innovations during this period came faster and brought rapid changes in the economies and lives of people.
Guild system was replaced by putting out system; domestic system was replaced by factory system.
Why it began in England?
Slave trade and enclosure movement provided cheap man power. Enclosure movement consolidated the land holdings of big land owners and deprived many farmers of land holdings, so there was an availability of unemployed people for cheap labour
Plundered wealth provided capital
New sea routes and colonies provided market and regular source of raw material.
New stable system of govt with merchants being the influential class emerged after the revolution in the 17th century and the market was free from govt interference.
Advantages over others
Presence of iron and coal side by side saved the transportation cost.
England had a large shipping industry which was able to accommodate the increasing transportation needs
Modern govt in England .many other European nations had backward political systems. Germany and Italy were not even united and suffered from many economic restrictions.
Areas of revolution
  1. Textile industry-earlier cotton cloth was imported from India like Dacca...

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